Burn

United

Million

Coin

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  <p style="text-align: justify;"><strong><a href="https://en.coin-turk.com/binance-ceo-dismisses-rumors-about-bitcoin-sale-amid-market-rumblings/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a></strong> exchange has announced that the 24th quarterly burn of <a href="https://en.coin-turk.com/rapid-increase-in-open-interest-for-binances-bnb-amid-price-drop-crypto-analyst-warns-of-chain-liquidation-risk/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Coin</a> (<a href="https://en.coin-turk.com/despite-the-markets-red-days-binance-coin-holds-its-ground-whats-next-for-bnb/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB</a>) has been automatically executed. The latest burn involved the destruction of 1.99 million BNB tokens with a value of $619.4 million.</p> 
  <h2 style="text-align: justify;" id="strong-a-total-of-183-13-million-bnb-tokens-burned-so-far-strong"><strong>A Total of 183.13 Million BNB Tokens Burned So Far</strong></h2> 
  <p style="text-align: justify;">Binance, the world’s largest cryptocurrency exchange by volume, stated that the 24th quarterly burn of BNB tokens was completed automatically at an average price of $310.99. In a statement, Binance said, “The 24th quarterly burn of BNB tokens has been completed with the destruction of 1.99 million BNB tokens, as per the BNB Automatic Burn procedure.”</p> 
  <p style="text-align: justify;"><img decoding="async" class="aligncenter wp-image-238108" src="https://coin-turk.com/wp-content/uploads/2023/07/Binance-Coin-BNB.png" alt="" width="705" height="256"></p> 
  <p style="text-align: justify;">In the first quarter of the year, the 23rd quarterly burn saw the destruction of 2.02 million BNB tokens at an average price of $268.46.</p> 
  <p style="text-align: justify;">According to data provided by the BNBBurn platform, a total of 183.13 million BNB tokens, worth $44.61 million, have been burned and removed from circulation. The data from the platform indicates that the next quarterly burn (the 25th) will involve the destruction of at least 2 million BNB tokens worth a minimum of $512 million.</p> 
  <h2 style="text-align: justify;" id="strong-bnb-price-does-not-respond-as-expected-to-burn-announcement-strong"><strong>BNB Price Does Not Respond as Expected to Burn Announcement</strong></h2> 
  <p style="text-align: justify;">According to price data provided by crypto data platform CoinMarketCap, Binance’s utility token BNB has experienced a 0.01% decrease in the past 24 hours, trading at $243.71. The BNB token has not responded as anticipated to the news of the approximately $620 million burn by Binance.</p> 
  <p style="text-align: justify;">Under normal circumstances, the announcement of a token burn would be expected to cause a significant upward movement in the token’s price. However, regulatory pressures faced by Binance, particularly in the United States, have been suppressing the price of its utility token.</p> 
  <p style="text-align: justify;">In May, Binance was removed from the Financial Conduct Authority’s register in the United Kingdom. Last month, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US, Binance, and CEO Changpeng Zhao, alleging violations of securities laws. It was also reported that the U.S. Department of Justice (DoJ) was preparing to file a lawsuit. Binance had to halt all its operations in the Netherlands and is facing a money laundering investigation in France.</p> 
  <h5>The post <a href="https://en.coin-turk.com/binance-announces-burning-of-1-99-million-bnb-tokens-worth-619-4-million/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Announces Burning of 1.99 Million BNB Tokens Worth $619.4 Million</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS.</a></h5>
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Binance Announces Burning of 1.99 Million BNB Tokens Worth $619.4 Million

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